FMLS Compliance and Support Newsletter
Date: May 21, 2024
Subject: Important Update – Registered Listing Contract Option
Dear Valued Agents,
As your compliance officer and support resource, I am committed to keeping you informed about important updates and best practices to ensure we all stay compliant with FMLS rules and regulations. I’m excited to share some crucial information regarding the “Registered Listing Contract” option, which was introduced in April 2021.
What You Need to Know About the Registered Listing Contract Option
Effective Date: April 2021
Purpose: This option allows listings to be entered into the FMLS system while delaying public marketing, helping agents comply with the requirement to enter (or register) listing contracts within 48 hours of the agreement date.
When to Use:
- If an agreement is signed and the seller wishes to delay marketing the property.
- To comply with FMLS rules (FMLS Rule #3) while respecting the client’s timeline.
Key Steps for Compliance
- Enter the Listing Promptly: Within 48 hours of signing the listing agreement, enter the listing in FMLS using the “Registered Listing Contract” status. This ensures compliance with FMLS Rule #3.
- Document the Marketing Date: Clearly indicate the date when the property will begin to be marketed. For example, if the agreement is signed on May 6th but marketing will start on June 10th, this should be specified in the listing.
- Update the Listing: On the specified marketing date, update the listing status from “Registered Listing Contract” to “Active” to make it publicly visible and available for showings and offers.
Benefits of the Registered Listing Contract Option
- Compliance: Ensures adherence to FMLS regulations regarding timely listing entries.
- Flexibility: Accommodates seller preferences for delaying market exposure.
- Transparency: Provides clear documentation and timelines for when a property will be marketed.
Frequently Asked Questions
Q: What happens if I don’t enter the listing within 48 hours? A: Failure to enter the listing within the required timeframe can result in non-compliance penalties. Using the “Registered Listing Contract” option helps avoid this issue.
Q: Can I use the “Coming Soon” status instead? A: The “Coming Soon” status is for listings that will be marketed soon (within 21-30 days) but are not yet available for showings. It is different from the “Registered Listing Contract” which is specifically for listings not yet ready for any public exposure.
Support and Resources
For more detailed instructions on how to use the “Registered Listing Contract” option, please refer to the FMLS Listing Input Guide and the FMLS Compliance Manual.
If you have any questions or need further assistance, feel free to reach out to FMLS or consider hiring Savvy Estates ATL to handle your compliance.
Stay Compliant, Stay Informed
Thank you for your attention to this important update. Your diligence in following these guidelines helps maintain the integrity and reliability of our listing services.
Best regards,
Terin Branhan
Real Estate Compliance Officer & Agent Support
Phone: (678) 968-1468
Email: terin@savvyestatesatl.com
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